World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
Keywords:
Koichi Hamada, a former professor of economcs at Yale University, is one of prime minister Abe's advisors for the policy called Abenomics. He says the increase in the consumption tax was never part of Abenomics. It was the legacy of the previous Democratic Party of Japan's policies and of prime minister Noda, who pushed for it in the last 2 years of his administration. Nikkei polls in 2011 showed 53% of the public opposed to the doubling of the consumption tax to 10% by 2015 proposed by Noda and passed in 2012. Ichiro Ozawa's group of legislators left the DPJ over this issue. The real force behind the push to double the tax was the Finance Ministry, which warned the Abe government that not increasing the tax would make Japan look fiscally irresponsible. The Finance Ministry appears to have lost sense of the timing and fiscal hawks in the LDP party had gone along with it. The deteriorating global economy in the third quarter has hurt Japanese exports, and the lack of wage increases coupled with the increase in the consumption tax to 8% from 5% made Japanese feel poorer, leading to conditions that exacerbated the situation. Recognizing this Yamamoto says Abe has called the snap election in Dec. 2014, after postponing the second increase in the consumption tax to 10% in 2015 which the Noda legislation set to the future date of 2017. He says Abe had to have the guts to take on the Finance Ministry for Abenomics to work.
Japan's snap election in December 2014 on Abenomics and a strategy to fight deflation
11/18/2014
Prime minister Abe overrules the Finance Ministry by delaying an increase in the consumption tax fom 8 to 10% in 2015. He calls a snap election for 2015. This WSJ editorial says Japan has tried the Finance Ministry's ideas for fiscal spending increases coupled with tax increases without success in fighting deflation, prime minister Abe now needs to get the third arrow of structural reform right and take supply side actions.
Grouped Articles
Wall Street Journal 11/18/2014
Calling Early Elections in Japan, Abe Rolls the Dice on the Economy
New York Times 11/18/2014
A Sudden Schism Between Shinzo Abe and the Bank of Japan Governor
New York Times 11/19/2014
Japan’s No. 1 Reflationist Does a Victory Dance
Wall Street Journal 11/20/2014
Nevermind Japan’s Recession Talk. Abenomics Is Working
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
Differences between prime minister Abe and Kuroda of the Bank of Japan on Abe's decision to delay an increase in consumption tax to 10% in 2015
11/19/2014
Grouped Articles
A Sudden Schism Between Shinzo Abe and the Bank of Japan Governor
New York Times 11/19/2014
Japan’s No. 1 Reflationist Does a Victory Dance
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
There’s No Recession at Japan Inc.
Wall Street Journal 11/28/2014
The first year of the Abe administration with popular support of 51%- 2013-2014
03/19/2014
Economic challenges and regional tensions as the Abe administration retains popular support after its first year in office. A planned sales tax increase in 2014 and slow growth poses challenges for economic policy.
Grouped Articles
Tests Begin to Mount for Japan's Abe
Wall Street Journal 03/19/2014
Wall Street Journal 06/14/2014
Japan Stock Rise Signals Global Approval of Abe Plans
Wall Street Journal 06/26/2014
Japan’s Abe Poised to Take Election Gamble
Wall Street Journal 11/17/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
Bank of Japan chief Kuroda's interview with foreign media, April 11, 2013, on flexible handling of policy to reach 2% inflation target
04/12/2013
Kuroda tells foreign media in an interview the BOJ will be watchful and vigilant that the new monetary policy does not create asset bubbles. BOJ will adjust policies accordingly and be flexible if this is happening. In that case it wil give more time to get to the inflaton target of 2%.
Grouped Articles
Target Is 'Flexible,' Says Japan Bank Chief
Wall Street Journal 04/12/2013
G-20 Backs Japan on Yen Policies
Wall Street Journal 04/20/2013
OECD Welcomes BOJ Inflation Target, Easing
Wall Street Journal 04/23/2013
BOJ Price Forecast Falls Short of Target
Wall Street Journal 04/28/2013
Bank of Japan's Inflation Game Going Into Extra Innings
Wall Street Journal 04/26/2013
Loud and Clear on Japanese Easing
Wall Street Journal 02/19/2014
Kozo Yamamoto and the decision by prime minister Abe to delay a second increase in the consumption tax to 2017
11/20/2014
Kozo Yamamoto is Cornell University graduate who joined Japan's Finance Ministry in 1971 and is serving his 6th term in Japan's parliament. He became close to Abe after 2011 and convinced Abe that Japan needed reflationist policies to return to growth. He passed on his study group's advice to delay the second consuption tax increase from 8 to 10% from 2015 to 2017, by which time said Yamamoto Japan will have reached the 2% inflation target.
Grouped Articles
Japan’s No. 1 Reflationist Does a Victory Dance
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
There’s No Recession at Japan Inc.
Wall Street Journal 11/28/2014
Abe Backing Lukewarm, Even in Toyota’s Town
Wall Street Journal 12/11/2014
Japan’s Abe Secures Landslide Election Win
Wall Street Journal 12/16/2014
Japan’s Economy Expands, but Less Than Expected
New York Times 02/15/2015
An optimistic view of prospects for Abenomics in Nov. 2014, followed by a recession in 2015
11/20/2014
Grouped Articles
Nevermind Japan’s Recession Talk. Abenomics Is Working
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
Abe Backing Lukewarm, Even in Toyota’s Town
Wall Street Journal 12/11/2014
Wall Street Journal 11/17/2015
Japan’s Economy Feels the Sting of China’s Slowdown
New York Times 11/16/2015
Krugman on Japan and the economic policy of the Shinzo Abe government
01/13/2013
Krugman describes the break with orthodox policy of the Abe government and says it is working.
Grouped Articles
New York Times 05/23/2013
Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
In Japan, a Growth Strategy With Echoes of the Past
New York Times 06/12/2013
New York Times 10/30/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
There’s No Recession at Japan Inc.
Wall Street Journal 11/28/2014
Abenomics advisers Yamamoto and Hamada, and Japanese prime minister Abe's decision in Nov. 2014 to challenge the Finance Ministry's views
11/20/2014
Abe calls for a snap election in Dec. 2014 after delaying the second increase in the consumption tax from 8% to 10% in 2015. About 53% of the Japanese public opposed the doubling of the consumption tax by 2015 in 2011 poll as the DPJ party Noda administration pushed for it on the advice of the Finance Ministry. Now after the 3rd quarter showed Japan in a recession over 70% of the Japanese public oppose a second increase in the consumption tax to 10% from 8% in 2015. Abenomics advisors Hamada and Yamamoto now say this increase in the tax (especially when wages are only gradually increasing) was never a part of the Abenomics.
Linked Articles
Japan’s No. 1 Reflationist Does a Victory Dance
Wall Street Journal 11/20/2014
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate
New York Times 11/20/2014
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us